A Provident Fund or PF is a part of your income that is withheld annually on your behalf. You can demand the PF sum while you are leaving the job. Most people do not get their PF (provident fund) or move their PF from the preceding employer to the current employer when they switch their work. The key explanation for this is that EPFO (Employees’ Provident Fund Organization) keeps collecting tax-free returns, and the funds are secure. However, after leaving the job, the Income-Tax Appellate (ITAT) removed the tax-exemption on interest earnings. And you have to deduct the sum or pass PF to the new employer to stop taxing interests after you have left your work. EPF Withdrawal Procedure with Aadhaar number and without it.
When you have quit your service under your employment, you can do two things with your PF account,
- When you take up a position with a different business then you can pass your current Provident Fund account to the new employer.
- When you don’t want to go back to work, you will withdraw the funds in your Provident Fund Account.
EPF Money Withdrawal Online:
There are primarily two ways which will explain how to withdraw PF and EPS numbers, one using your Aadhaar card number and the other is without using it. However, using the Aadhaar card makes the process faster and less time-consuming but without using the Aadhaar card makes it lengthy.
Also, Check – EPF Balance
Here’s EPF Withdrawal Procedure with and without using the Aadhaar Card:
- Without using the Aadhaar Card:
You can fill in the Composite Claim Form (Non-Aadhaar) if you do not hold an Aadhaar card but do have your PF number. If you have not completed 5 years of service, you will be asked to fill in all relevant information such as PAN (Permanent Account Number) and add 2 copies of the 15 G or 15H form. You can provide the PF account number if you don’t have UAN (Universal Account Number).
- With using Aadhaar Card:
If you hold an Aadhaar Card, you should send a Composite Claim Form (Aadhaar) directly to the Office of the EPFO without your employer’s attestation of the claim. You would need to add a canceled check to the form and the entire amount of your PF balance will be sent to your bank account.
Criteria’s for EPF Withdrawal:
1.When an employee is still under service
The composite claim form (Aadhaar / Non-Aadhaar) must be submitted if he/she wishes to take an advance from the PF account.
If he/she wants to finance his / her LIC policy via the PF account, he/she must apply Form 14.
When he/she has gone past age 58 and wishes to pursue the pension fund.
A monthly pension will be paid for in Form 10D if 10 years of active service have been completed.
If 10 years of qualifying service have not been completed, the composite claim form (Aadhaar / Non-Aadhaar) should be submitted.
2.When an employee switches the job
And wants to transfer EPF account, Form 13 is to be applied
When an employee leaves an establishment and doesn’t join another
The person can use the composite claim form to make a PF and pension fund claim (Aadhar / Non-Aadhar)
The person can use the hybrid claim form (Aadhaar / Non-Aadhaar) and a pension claim using Form 10D if he/she is above the age of 58 and has completed 10 years of active service.
If an individual leaves an organization because of physical disability
A person can use a composite claim form (Aadhaar / Non-Aadhaar) to make a claim for PF.
An individual is entitled to receive a pension using Form 10D.
Is over the age of 58 and has not completed 10 years of active service, he/she will make the PF and pension receive using the hybrid claim form (Aadhaar / Non-Aadhaar).
When a member of staff dies while in service
The nominee/heir/beneficiary may apply for a PF payout before the age of 58 while still in service using Form 20, monthly pension using Form 10D, and EDLI (Employees’ Deposit Related Insurance) using Form 5IF.
The nominee/heir/beneficiary will claim the PF using Form 20 after age 58 and have completed 10 years of active service, the pension using Form 10D and the EDLI sum using Form 5IF.
The nominee/heir/beneficiary will make the PF settlement using Form 20, withdraw the pension using the composite claim form (Aadhaar / Non-Aadhaar), and claim the EDLI balance using Form 5IF after the age of 58 and not having completed 10 years of active service.
5.When an employee is deceased
The nominee/heir/beneficiary may claim the PF amount before the age of 58 using Form 20 and the pension amount using Form 10D.
After the age of 58 and having completed 10 years of eligible service, the nominee/heir/beneficiary may claim the PF amount using Form 20 and the pension amount using Form 10D.
After the age of 58 and not having completed 10 years of eligible service at the age of 58, the nominee/heir/beneficiary may claim the PF amount using Form 20 and the pension amount using the composite claim form.
Check if the organization’s disqualified when filing for removal. When you are removed from the company, you will need to contact the boss for removal. The members of the EPF can not remove full PF sums until they hit retirement age. The cumulative deduction on work termination can not exceed an aggregating total of the employee’s own payment and interest accumulated thereon.